WeWork India IPO GMP Slumps on Day 2 as Subscription Lags; Brokerages Recommend Subscribe

The WeWork India IPO GMP dropped on the second day of subscription, which opened last week on October 3, 2025. Before the subscription, the issue was trading at an Rs. 15 premium in the grey market, with estimated listing gains of around 2.3%. However, as of Day 2, the WeWork IPO GMP fell to Rs .5, due to weak demand for the issue. According to the subscription status on the second day, the IPO was subscribed 0.17 times, or 17%, overall.

WeWork India IPO Subscription Status Category-Wise

As of October 6th, on Day 2, the WeWork India IPO was subscribed 0.17 times overall, seeing weak demand across all investor categories.

Breaking it down by category, the retail segment recorded a subscription of 0.28 times, the qualified institutional buyers, excluding anchor investors, subscribed 0.02 times, and the non-institutional investors category was subscribed 0.04 times.

WeWork India IPO GMP Today

According to the Investorgain website, the latest WeWork IPO Grey Market Premium is Rs .5, as of 11 am on October 6th. With the IPO price band set at ₹615-₹648, the estimated listing price comes to ₹653 per share (cap price plus today's GMP). Based on this calculation, the expected listing gain is a modest 0.77% per share, reflecting cautious investor sentiment.

Details of WeWork India IPO

Ahead of the subscription opening, the IPO raised Rs 1,348.26 crore from anchor investors on October 1st. The WeWork India Management Ltd IPO is a book-built issue worth Rs. 3,000 crore, comprising an offer for sale of 4.63 crore shares.

The subscription window for the IPO opened on October 3rd and will close on October 7th, with allotment expected to be finalised on October 8th. The price band for the IPO has been fixed between Rs 615 and Rs 648 per share.
The expected day of listing for the issue is set to October 10 for BSE and NSE.

Brokerage Review of WeWork India IPO

Despite weak subscription demand, the WeWork India IPO has received positive reviews from leading brokerages.
Anand Rathi noted in its report that "the company's strategy focuses on strengthening its presence in existing cities, expanding into high-demand micro-markets, and deepening relationships with Large Enterprise Members, who contributed 60.6% of Net Membership Fees in Q1 FY26, supporting its premium positioning with lower price sensitivity." The company has already become EBITDA positive and is focusing on profitability in the coming years. Considering these factors, the IPO appears fully priced, and Anand Rathi recommends a "Subscribe - Long Term" rating."

Similarly, Nirmal Bang Securities also gave a positive review for the IPO, stating, "WeWork is a leader in India's premium flexible workspace market with robust growth metrics. Revenue and adjusted EBITDA have grown steadily at a CAGR of 22% and 48%, respectively, between FY23 and FY25. The issue is available at an EV/adj. EBITDA of 21.3x FY25 earnings, which we consider reasonable, and we recommend 'Subscribe'.

About WeWork India

Founded in 2017 and headquartered in Bengaluru North, Karnataka, WeWork India is a leading premium flexible workspace provider in the country. The company specialises in coworking spaces, shared offices, community building, collaboration, and connecting professionals.

WeWork India is majority-owned and promoted by Embassy Group. The company's business model revolves around leasing buildings, completing fit-outs, and converting spaces into fully managed, modern, tech-enabled offices for its members.

The market capitalisation of WeWork India post-IPO is estimated at Rs 8,684.71 crore. JM Financial Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. serves as the registrar for the issue.

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